Is FOMO Ruining Your Finances?
When you think about what’s holding you back in terms of your finances, you probably think about debt or wish you made more money. However, you might be surprised to discover that your fear of missing out (FOMO) can have a big impact on the way you spend money.
Do you think you need to go out?
When FOMO has you in its clutches, you are worried that you will miss out on something. You might worry that all your friends are having a good time while you are stuck at home. Perhaps you think that there will be a great inside joke while everyone is bowling – and you’ll miss it and not be on the inside anymore.
No matter your reason, FOMO can make you feel like you must go out in order to have a good time and keep up with your friends, even if you're living paycheck to paycheck.
Not only do you have to worry about paying your own bill when you go out with friends, but often protocol demands that you take a turn buying a round of drinks for everyone. Or maybe you help your friend pay for his or her meal. In some cases, even if you tell yourself that you will get the cheapest thing, the way the bill is divided might mean you pay more than you expect.
Are you missing out on something everyone else has?
FOMO can also make you feel like you are missing out if you don’t have the things you are “supposed” to in order to fit in. Does everyone else have cable so they can watch the big game? Does everyone in your neighborhood have two or three late-model cars? These worries are a classic case of keeping up with the Joneses.
You feel like there is something missing if you don’t have the material possessions that others do. In the end, that can lead to spending more than you expect on items that you might not care about. And it can also mean that you are getting into debt in order to keep up appearances.
How to avoid FOMO
Getting beyond FOMO can be a bit of a challenge. After all, it’s hard to think that others are doing something and you might not share in that. We’re social animals and we like to feel included.
It is possible to get over FOMO, though. Here are some tips:
- Get clear about your own goals and priorities: The first thing to do is remind yourself about your own goals and priorities. What really matters to you? Too often, FOMO becomes an issue because we aren’t sure of our priorities. Once you know your own values you will be less likely to feel that you are missing out.
- Find alternatives: Look for alternative activities that you can enjoy at home or less expensively. Suggest a potluck at home instead of meeting for dinner. These types of activities can help you have fun with people you like without spending a lot of money.
- Learn to enjoy your own company: Part of keeping FOMO from destroying your finances is to enjoy doing something on your own. Sometimes your own company can be a great thing. On top of that, there’s nothing wrong with doing things you like on your own. Start trying an evening in with a book or a favorite old movie, and you won’t need to go out every weekend.
You don’t have to stop having fun to stay on top of your finances. But you also don’t need to go out all the time. Find a good balance between going out and staying in, and make sure you stay focused on your most important financial goals, and you can keep FOMO from ruining your finances.